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In public, President Barack Obama has kept his cool about Europe, rarely speaking out on the subject other than to encourage his counterparts across the Atlantic to act swiftly to stave off catastrophe. But privately, the FT's Richard McGregor reports, Obama is in "morbid fear" of the crisis spreading to the United States:

But behind the scenes, within both the administration and Mr Obama’s campaign team in Chicago, there is a morbid fear about a eurozone meltdown and its flow-on impact on the US economy and the president’s re-election chances.

“The thing that matters the most in determining the health of the US economy and job creation is what happens in Europe,” says a senior administration official.

Obama has slowly sharpened his language on the subject in recent days, calling for even faster coordinated action on the part of Europe, though he lacks the leverage to force an agreement. A U.S. bailout is off the table, amid opposition from Democrats and Republicans alike, and the independent Fed can only do so much or risk a public backlash.

In the meantime, Obama remains focused on the what he can control — extending the payroll tax cut and unemployment benefits — said White House Press Secretary Jay Carney on Tuesday. But even those won't be enough to keep the economy going if another crisis hits, which would likely scuttle the president's reelection chances.